Thanks Altair, I was thinking of doing it in metal at first, but then it was just so easy to do in wood that I took that route.

Yes, wood only wood ! it looks so nice on your wall, actuually, it's a piece of decoration.
It even could be extended with a purposed shelf, that would be sliding in the same groove, for storing other tools or drill bits.. you know, same principle as in the kitcheen .